Conceptual Issues in Outdoor Advertising Billboard Valuation – Lessons for Nigeria

This paper examined, by literature, four principal conceptual issues that are germane to outdoor advertising billboard valuation namely; the concept of outdoor advertising billboard itself, the tripartite components of the billboard property, billboard legal status controversy and the money trail concept. A review of these conceptual issues was critically carried out, pinpointing their implications to valuation of billboards for many purposes such as compensation so as to enhance understanding of estate surveyors and valuers, especially in Nigeria. Findings from the literature are that; modern billboards are diverse in nature (material, displays and technology), there is no consensus yet about whether billboard is real or personal property and that the task of allocating income to the different assets that contribute to the total business value of an outdoor advertising business is herculean. While valuers should improve their understanding of the criteria that qualify an asset as real or personal property and treat each billboard to be valued on its own merit, educational and training institution in Nigeria should encourage capacity building in outdoor advertising billboard valuation.